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The Biodegradable Plastic Market size is estimated to reach US$3.8 billion by 2027, after growing at a CAGR of 12.4% during the forecast period 2022-2027. According to the Department for Environment, Food and Rural Affairs, the food industry in the United Kingdom grew by 49.4% between 2009 and 2019. The use of Biodegradable Plastic in
foods and beverages has increased significantly. Biodegradable plastics made
from renewable biomass, such as starch blends, polycaprolactone, polybutylene
adipate terephthalate (PBAT), and polylactic acid (PLA), are used to make a
variety of products such as bottles, films, packaged goods, automotive
interiors, construction materials, and electronics. Consumer demand for food products
is expected to rise as the population grows, and as a result, bio-pet is seeing
emerging growth in the segment.
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Biodegradable
Plastic Market: Leading Segment is Food & Beverages Market
On the basis of the end-use industry,
the Biodegradable Plastic market can be segmented into food & beverages,
personal care & cosmetics, transportation, building & construction,
electrical & electronics, the textile industry and others. The Biodegradable
Plastic market’s leading segment has been evaluated to be food & beverages.
During the forecast period 2022-2027, the food &
beverages segment is expected to grow with a CAGR of 14%. Biodegradable
Plastic is a tough material that can be used in environmentally friendly food packaging
in place of traditional petroleum-based plastics. The Biodegradable Plastic
market is being driven by rising demand for bio-plastic in the production of
various food packaging. According to the United States Department of
Agriculture (USDA), in 2019, Brazilian food industry sales amounted to $177
billion, an increase of seven percent compared to the previous year.
Biodegradable Plastic Market: Leading Region
in Asia-Pacific
On the basis of Geography, the Biodegradable Plastic market can be segmented into North America, South America, Europe, APAC, and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 41% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of consuming food products. Growing food production, farming trends, and government support policies for the food and beverages industry all contribute to the region's bio-plastic boom. Food and beverages are thriving as a result of rising industrial growth, a growing population, and government support policies in APAC. According to Invest India, India's food processing business is expected to reach US$470 billion by 2025, with consumer spending expected to reach $6 trillion by 2030. According to the China Chain Store & Franchise Association, the food and beverages (F&B) sector in China reached $595 billion in 2019, up 7.8% from 2018. The Biodegradable Plastic market will also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the bioplastic market.
Biodegradable Plastic Market: Competitive
Landscape
Key companies holding major shares in the Biodegradable Plastic market are M&G Chemicals SA, Teijin Ltd., The Coca-Cola Company, Toray Industries, Inc., Toyota Tsusho Corporation, Plastipak Holdings, Inc., Ford Motors, Gevo Inc., Far Eastern New Century Corporation, Indorama Ventures